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Address Oil Sector Crises, Privatise Refineries, NES Urges FG

The President of the Nigerian Economic Society (NES), Prof. Adeola Adenikinju, has urged President Bola Tinubu to address crises plaguing the oil industry and privatize the nation’s refineries in order to optimize the benefits inherent in the sector.

The don also called on the Tinubu government to give the nation’s refineries to private operators to manage.

According to the immediate past Head of Department of Economics, University of Ibadan, for some years the sector has been contributing negatively to the economic growth.

Adenikinju, a Petroleum Economics professor said: “The oil sector in Nigeria is a very important industry. It is the major source of foreign exchange in this nation which has implications for government revenue.’’

The scholar therefore urged the government to solve all crises that have limited the current production in the Niger Delta.

Adenikinju said: “I don’t believe in the government running anything, because its records on how to run businesses are not cheering.

‘’The refineries should be privatized where the government becomes a minority shareholder, the Liquefied Natural Gas (LNG) model which is run by Shell where Nigeria has 49 per cent shares and other parties the remaining shares.

‘’If these refineries cannot be handled by a multinational company then it should be a company that has shown a track record of being able to manage local refineries.’’

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Speaking on the 2024 budget, Adenikinju lauded the signing of the budget, saying the January-December cycle has eliminated the uncertainty of the past.

Source: Nation

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